Marc D’Annunzio, General Counsel and Secretary, BAKKT said “It is time of action for extending bridges for establishing compliance that can be offered for more extensive market coins.” Digital Assets Forum, Baakt in New York, is delisting Cardano (ADA), Solana (SOL), and many more because of the regulatory uncertainty in the crypto market.
Bakkt platform hosted a “FireSide Chat (FSC)” on Feb 15 where Bakkt’s General Counsel and Secretary, D’Annunzio along with Water Tower and Research (WTR_Research) discussed Bakkt’s present crypto regulations and its standard achievements between all uncertainty going on in the crypto regulatory market.
Tune in today at 2pm EST as Bakkt’s General Counsel and Secretary, Marc D’Annunzio sits down with @WTR_Research for a fireside chat to discuss how Bakkt is regulated today and what the company is doing to be proactive amidst regulatory uncertainty. https://t.co/XkWbB1R0gU
— Bakkt (@Bakkt) February 15, 2023
In the Feb 15 tweet regarding the FSC, the company further elaborated upon the details on Feb 16.
Bakkt’s Update on Fire Side Chat
As per Bakkt “Crypto regulations in the last few months have seen lots of lows and hurdles. It seems to be signalling towards how important it is to make sure that stakeholders understand what Bakkt does in the market. The discussion was focused majorly on the security and regulations for the crypto market. The company claimed to possess a desire of becoming a prime resource for market customers as and whenever the new laws and rules are considered”
Bakkt will put all efforts to survive in the market and adhere to the rules and regulations of the crypto space. It will make sure to ingrain confidence in the customers and partners that are served as thoroughly as possible.
The context of the chat with the Legislators according to the company was that “crypto is not going anywhere. Even after seeing the past events of crypto-winter and after that, the last few months have been a lot of apprehension and anticipation. To overcome a situation like this, more extensive regulations would be a great help for the members of the crypto market.”
“Most of the legislators we’ve talked to understand that crypto is not going away…That said, given the events of the last several months, there’s also a lot of trepidation and uncertainty, and clearer, more comprehensive regulation would help address that.”
— Bakkt (@Bakkt) February 15, 2023
Interactions of customers are regular with the company’s controllers. The company is examined and audited regularly, and willingly welcomes feedback as it helps gain the trust of players in the market and enhances transparency.
As per the Bakkt platform, ” Deficiency in clarity of regulatory framework can swipe away innovation from the country into foreign markets.” Improved clarity in the regulatory scenario in the country will positively impact the marketplace and help the consumers to develop the market and its scope.
“The legislators we’ve met with are both well-educated about crypto and interested in coming up with a regulatory scheme that has the necessary protections while preserving the transformative features of crypto that are so exciting.”
Digital Assets Previously Delisted by Bakkt
Overall 25 digital assets in May, including Avalanche, Filecoin, Chainlink, Uniswap, Cosmos, Stellar, Internet Computer and among others were delisted. Company representatives at the time said the decision was made amid regulatory changes happening in the crypto space.
Prior to that, in April, Bakkt had delisted Decentraland and Algorand when SEC sued Bitfinex for regulatory snapdowns.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/18/bakkt-delisted-sol-ada-and-more-amid-regulatory-uncertainty/